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Monday, October 09, 2006


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The United Nations Security Council is close to announcing sanctions against Iran, following Tehran's decision to continue developing a nuclear energy program.

Surprisingly, and as reported by Carol Giacomo, Diplomatic Correspondent for Reuters, Russia would be permitted to work on a nuclear reactor in Iran. The exclusion for the Bushehr project, a light-water reactor being developed with Russian help in southwestern Iran, is in a sanctions resolution drafted by Britain, France and Germany.

In January 1995 Russia and Iran signed a contract under which Russia would provide two light water reactors at Bushehr for payments of at least $780-million, and possibly totalling up to one billion dollars.

The Bush administration is clearly willing to compromise in an attempt to dissuade Moscow from blocking U.N. action against Iran given Russia holds a crucial veto in the Security Council. This is without a doubt a decision that will set a precedent for future sanctions against countries such as North Korea. Furthermore, it highlights the fact the Yanks are losing their bargaining power when confronted with increasingly confident G8 nation and energy rich partners such as Russia.

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